Large Residential Building Coming To Former Strauss Auto Site

The high rise rental parade continues to make its way down 4th Avenue.

The Real Deal announced on Monday that Adam America Real Estate Group, Slate Property Group, and AEW Capital Management, who are also developing properties at 4th Avenue and 11th Street, and 4th Avenue and 1st Street, have signed a 99-year lease for the former Strauss Auto location on 4th Avenue, between 14th and 15th Streets.

According to the article, developers are planning a “$100 million mixed-use residential and retail property with 141 rental apartments at the site, which allows for more than 118,000 buildable square feet and has 200 feet of retail frontage.”

The retail space, Brownstoner notes, would be “large enough for national retailers.” Do we smell a Starbucks?

Slate principal David Schwartz tells The Real Deal that, on the residential side, the building will feature “units ranging from studios to three-bedroom apartments, with rents likely starting at around $2,000 per month.”

As one who lives in the shadow of this impending construction project, I can’t say I’m thrilled that a tall residential building will soon be looming over my backyard, but at the same time, it’s not a huge shock. With the property encompassing an entire block, it was prime picking for the type of development that has taken over 4th Avenue.

What are your thoughts? Are you surprised to hear what’s coming, or did you expect another high rise?